By Staff Reporter
EXIM Bank Tanzania has re-launched its recurring deposit scheme dubbed ‘Haba na Haba’ that aims at encouraging regular savings among lower income earners, salaried employees and corporates.
A statement issued by the Exim Bank Managing Director Anthony Grant in Dar es Salaam yesterday said the deposit product now comes with extra benefits among which include competitive interest rates and a loan option.
Grant, said the product will help the bank’s customers accomplish their dreams through monthly deductions from their accounts that will accumulate to an impressive amount over a specific period of time.
“The product evinced enthusiastic response since its launch early this year. Exim bank believes savings can play a vital role in helping one to realize his or her own dream. We have today decided to re-launch the products but this time with more benefits.
"One only needs to ear mark little bit of earnings in his Haba na Haba Account after authorizing Exim Bank to set aside a small portion of his or her savings or salary every month, for a fixed period ranging from 12 to 120 months,” he said.
Grant, said his bank does not charge any ledger fees or operating costs for the deposit scheme adding that the Haba na Haba account can be used as collateral for securing loans from the bank.
He said the scheme is open for new, existing and corporate clients adding that an individual client can deposit as low as 20,000/- per month.
“Haba na Haba scheme provides one of the best platforms to save money. It provides security to money as well as helping one earn impressive interest over a time. We believe this product will go a long way in developing savings culture and offers quick path to become a Haba na Haba millionaire,” he added.
The bank with 23 branches across the country and with three overseas branches is committed to providing customers with tailor-made products adding that many innovative products are in offing in the coming months.
Exim Bank has recently launched the Exim Academy as part of the bank’s excellence strategy that seeks to increase staff competence as well as service delivery in its quest to be Tanzania’s preferred bank by choice.